06/22/07 Wheat futures higher on export news

Market Line June 22, 2007 Wheat futures were mostly higher Thursday with the Minneapolis posting the strongest gains. Weekly export sales for wheat came in well above expectations at 541-thousand metric tons. That was viewed as particularly bullish given the recent high prices. And Joe Victor of Allendale Incorporated says there was some other market moving export news as well. Victor: "USDA did announce that an unknown destination did pick up 160-thousand tons of spring wheat and that was enough of a difference maker to have the Minneapolis July wheat contract up 14 ¾." Dryness problems continue in the Ukraine, Australia and Argentina. Due to high wheat prices the Egyptian wheat buying agency is reported to have received more funding to cover higher costs of importing. On Thursday Chicago July wheat was up a penny at 6-06. July corn down 9 ¼ at 3-85. Portland cash soft white wheat three to five cents higher at mostly 6-12. Club wheat 6-20. August new crop soft white one to three cents higher at 6-13. HRW 11.5 percent protein up two to four cents at 6-37. Dark northern spring 14% protein ten to 14 cents higher at 6-73. Barley at the coast 161 dollars a ton. Cattle futures were mostly lower again Thursday as weakness in cash markets spills over into futures. Traders are also cautions ahead of this afternoon's USDA Cattle on Feed report. August live cattle down 57 cents at 89-92. August feeders unchanged at 108-10. July Class III milk up 25 cents at 21-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.